Apple on Monday unveiled a smaller version of its iconic iPhone. Dubbed the iPhone SE, the new 4-inch handset is essentially an iPhone 6s inside a smaller iPhone 5s chassis. Here's everything you need to know.

The iPhone SE is powered by Apple's 64-bit A9 SoC and M9 motion coprocessor, the same hardware found in the iPhone 6s. Apple says this new phone is just as powerful as the iPhone 6s and is the most powerful 4-inch smartphone in the world.

The iPhone SE also features the same 12-megapixel rear iSight camera as the current flagship. If you need a refresher, that includes Focus Pixels, a True Tone flash, 4K video recording at 30FPS, 1080p video recording at 60FPS and slow-mo video recording at 240FPS. The new iPhone also has the ability to capture 63-megapixel panorama images and Live Photos.

Elsewhere, the 4-incher features the always-on "Hey Siri" digital personal assistant, Bluetooth 4.2, LTE up to 150Mbps, voice over LTE, Wi-Fi calling, Touch ID and NFC (which enables Apple Pay), 802.11ac Wi-Fi and more. It truly is an iPhone 6S inside the shell of an iPhone 5S.

The iPhone SE will be available to pre-order beginning March 24 and will ship a week later on March 31. Pricing is set at $399 for the 16GB model and $499 for the 64GB variant, all of which will be available in your choice of rose gold, gold, silver and space grey. The 16GB model is free with a two-year service agreement (if you can still find anyone offering them) or around $13.30 per month on an installment payment plan.